EACRA

JCR-Eurasia Rating, has evaluated the credit rating of Akdeniz İnşaat ve Eğitim Hizmetleri A.Ş. and its subsidiaries (Ağaoğlu Group) as high investment grade and it has affirmed the Long Term National Grade and outlook as “A- (Trk)/Stable” and Long Term International Local and Foreign Currency ratings and outlooks as “BBB-/Stable”. The credit ratings and their details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- / ( Stable outlook)

JCR Eurasia Rating, in its periodic review, has evaluated ‘Bossa Ticaret ve Sanayi İşletmeleri T.A.Ş.’ in an investment-level category on the national and international scales and affirmed the ratings on the Long Term National Scale as ‘A- (Trk)’ and determined the Short Term National Scale as A-1 (Trk) with ‘Stable’ Outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

JCR Eurasia Rating has evaluated Creditwest Bank Ltd in a very high level investment category and affirmed the ratings of ‘AA+(Trk)’ on the Long Term National Scale along with a Stable outlook. On the other hand, the Long Term International Foreign and Local Currency Ratings have been affirmed as “BBB-“ in line with Turkey’s sovereign ratings. Other ratings are notes are provided in the table below.

Long Term International Foreign Currency

:

BBB- /(Stable Outlook)

Long Term International Local Currency

:

BBB- /(Stable Outlook)

JCR Eurasia Rating has affirmed the credit ratings of “Creditwest Insurance Ltd.” as ‘A+ (Trk)’ on the Long Term National Scale and ‘A-1 (Trk)’ on the Short Term National Scale and has assigned a ‘Positive’ outlook on the Long Term National Scale. JCR Eurasia Rating has also affirmed the Long Term International Foreign Currency and Local Currency ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

JCR Eurasia Rating, in its periodic review, has evaluated ‘Gap Güneydoğu Tekstil San. Ve Tic. A.Ş. and its consolidated structure’ in an investment-level category on the national and international scales and upgraded the ratings on the Long Term National Scale as ‘BBB (Trk)’ and determined the Short Term National Scale as A-3 (Trk) with ‘Stable’ Outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

JCR Eurasia Rating has evaulated Şekerbank T.A.Ş in a high level investment category and affirmed the credit ratings as ‘AA- (Trk)’ on the Long Term National scale along with a ‘Stable’ outlook. On the other hand, the Long Term International Local and Foreign Currency ratings have been affirmed as ‘BBB-’. Other notes and details of the ratings are given in the table below.

Long Term International Foreign Currency

:

BBB- /(Stable Outlook)

Long Term International Local Currency

:

BBB- /(Stable Outlook)

Long Term National Local Rating

JCR Eurasia Rating evaluated “Palgaz Doğalgaz Dağıtım Sanayi ve Ticaret A.Ş.” in an investment-level category on the national and international scales in the

periodic annual review and affirmed the ratings on the Long Term National Scale as ‘BBB+ (Trk)’ and upgraded the outlook on the ratings to ‘Positive’. On the

other hand, JCR Eurasia Rating affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are

given in the table below:

JCR Eurasia Rating has evaluated “Kredi Finans Faktoring Hizmetleri A.Ş.” in an investment-grade category on a national and international level and affirmed ratings of ‘BBB+ (Trk)/Stable’ on the Long Term National Scale, ‘BBB-’/Stable on the Long Term International Foreign Currency Scale and ‘A-3/Positive on the Short Term National Scale. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

BBB-/ (Stable Outlook)

Long Term International Local Currency

:

BBB-/ (Stable Outlook)

JCR Eurasia Rating has affirmed the ratings of PJSC – West Finance and Credit Bank at ‘AA- (Ukr)’ on the Long Term National Scale and ‘A-1+ (Ukr)’ on the Short Term National Scale along with ‘Stable’ outlooks, which denote investment grade credit ratings. JCR Eurasia has also affirmed the Long Term International Foreign and Local Currency ratings as ‘BB-’ positioned above the country ceiling and has upgraded the Long Term International outlooks to ‘Positive’. Other notes and details of the ratings are given in the table below:

Long Term International Foreign Currency

:

JCR Eurasia Rating has evaluated Rönesans Holding A.Ş.’s consolidated structure and assigned a high investment grade credit rating of ‘A+ (Trk)’ on the Long Term National Scale with a ‘Positive’ outlook and ‘BBB-’ on the Long Term International Foreign Currency Scale with a ‘Stable’ outlook. The credit ratings and their details are given in the table below:

Long Term International Foreign Currency

:

BBB- / (Stable outlook)

Long Term International Local Currency

:

BBB- / ( Stable outlook)

Long Term National Local Rating

: